UN Adopts New Policy on Iraqi Oil Cargo

The United Nations oil overseers have adopted a new policy to prevent the diversion and discharge of Iraqi oil cargo at a destination other than that authorized in an approved oil purchase contract, the UN said here on Tuesday.

The Office of the Iraq Program said that according to the new policy, the masters of the vessels loading Iraqi oil will sign a notification indicating the authorized destination of the cargo.

Any diversion from the authorized destination will be the liability of the shipping company, the office said.

The new policy is in response to an incident in February when an oil cargo of two million barrels of Basrah Light destined for the United States was discharged in the Far East.

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